How does Artificial Intelligence revolutionize the Auto Insurance world? The year that just ended marked a milestone in the widespread use of Artificial Intelligence (AI) through various applications like Chat GPT, Bing Chat, Google Bard, and Socratic. There isn’t a human field that escapes its influence, leading to the question: How can AI transform the auto insurance sector?
The answer is fascinating. Traditionally, insurers calculate future risk based on data and complex formulas considering the driver’s behavior, experience, age, type of car, gender, location, income, education level, and credit history, among other factors. Now, artificial intelligence can perform this calculation accurately and immediately.
Moreover, AI is a powerful ally in detecting fraud patterns, resulting in significant savings for insurance companies and tangible benefits for customers, who might see positive impacts on their premiums.
Some insurers already use AI-powered chatbots to provide real-time assistance in claims processing. In the event of an accident, these chatbots guide policyholders in taking photos with their smartphones, explain necessary steps, and efficiently process the claim.
Telematics insurance policies, based on car usage and driver behavior, also experience a revolution thanks to AI. AI enables instant risk analysis by placing a tracker that records accelerations, violations, and miles driven. This approach rewards good drivers and penalizes the less responsible, opening the door to a future where all policies could become telematic.
AI has come to stay, and its presence in auto insurance will intensify. We’re facing a revolution that redefines how risk is calculated, claims are processed, and responsible driving is rewarded. How does Artificial Intelligence revolutionize the Auto Insurance world?
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